Filling a leadership gap in Perseus Mining’s Ghanaian operations
When Perseus Mining urgently needed to fill a critical leadership gap in their Ghanaian operation they retained Stratum International to help. We advised Perseus’s CEO Jeff Quartermaine and subsequently placed an interim general manager to address the immediate need, before identifying and attracting a more permanent solution. Under the new on site leadership team the operation has achieved record breaking performance at the start of 2015 - producing 52% more gold in the last quarter than the corresponding quarter in 2014 at significantly reduced costs.
Perseus Mining is an ASX/TSX listed gold producer focused on gold exploration and production in West Africa where it owns the Edikan gold mine in Ghana and the Sissingue gold project in Cote d’Ivoire.
A leadership vacuum at the Ghanaian operation was creating significant problems for the company and impacting on production and profitability.
Perseus CEO, Jeff Quartermaine, retained Stratum International to recruit a new Executive General Manager (EGM) and fill the leadership gap.
How Stratum International helped
Due to the urgency of the situation we advised placing an interim EGM to cover the period of the search and the successful candidate’s notice period.
Our proactive approach to candidate management meant we could immediately place an interim with extensive experience operating as GM in Ghana.
He was able to successfully steady the ship at Edikan and ensure a smooth handover once the permanent EGM, also identified and recruited by Stratum, was able to join six months later.
During the same period the need for a processing manager was also identified. Perseus engaged Stratum to find a top tier Plant Manager to lead the turnaround of the processing department.
Our Search identified a suitable candidate who was an excellent match for the company’s strategic objectives and who was able to offer an immediate start.
Since then, Stratum has also recruited an experienced Maintenance Manager for Perseus’ Edikan operation. More recently Stratum has also recruited a Project Director for the development of the Sissengue Project in Cote D’Ivoire.
The business impact
The Edikan mine has experienced an excellent start to 2015. June quarter in particular demonstrating record breaking performance including:
- Gold production of 64,669ozs, a 36% increase relative to the March 2015 quarter (47,450ozs) and 52% increase on the corresponding quarter in 2014.
- All-in site costs of US$685/oz, approximately 24% lower than in the March 2015 quarter.
- Average cash margin of US$622/oz - circa $10million additional profit from on previous quarter
“When you're running a number of complex operations in Africa, it's critical you have an onsite leadership team you can depend on. When we faced a leadership gap, Stratum International was able to provide an excellent short-term solution in the form of an interim EGM, while they identified a shortlist of candidates who could perform the role permanently. I was very impressed by how rapidly Stratum was able to give me a shortlist of candidates, and based on the quality of those candidates, we have used them for several executive operational and project positions since. I have no doubt, that the recruitment of excellent people into key operational positions, has been a major factor in the turn-around of our operation at Edikan.”
Perseus CEO, Jeff Quartermaine
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